GS 3: Economy

Why in News?

An Ad-hoc National Committee of Domestic Council for Gems and Jewellery consisting 14 Members representing various associations of Gems and Jewellery Sector has been constituted to draft Memorandum and Article of Association and other Rules/Bye-laws of the domestic council.

Significance of the council:

It is envisaged that the domestic industry would be benefited from such a representative body which would be the forum for highlighting the issues and concerns of the industry that require redressal through policy measures

Highlights:

• To encourage and boost domestic gems and jewellery sector
• Establishment of Special Notified Zone (SNZ)
• Setting up of Common Facility Centres for gem and jewellery sector
• Announcement of separate ITC HS Code for lab-grown diamonds
• Providing financial assistance for participation in international fairs, organizing buyer- seller meets, creation of export related infrastructure, etc.